Detailed financial statements for Genenta Science S.p.A. (GNTA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Genenta Science S.p.A. is an Italian clinical-stage biotechnology firm focused on pioneering hematopoietic stem cell gene therapies to combat solid tumors. Its primary therapeutic candidate, Temferon, is currently undergoing Phase 1/2a clinical evaluation. This innovative therapy is being developed to treat glioblastoma multiforme, specifically targeting patients whose tumors exhibit an unmethylated MGMT gene promoter.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $0.74, GNTA has negative trailing earnings (P/E not meaningful) and an ROE of -36.82%. Market capitalisation stands at $14M.
Balance sheet quality for GNTA: current ratio of 14.2, net cash position of $20.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | $1768 | $5096 | $5996 | $41705 | $46508 | $26973 |
| Gross Profit | 0 | -$1768 | -$5096 | -$5996 | -$41705 | -$46508 | -$26973 |
| Research & Development | $3.7M | $4.4M | $3.5M | $5.2M | $6.4M | $5.0M | $2.6M |
| Selling, General & Admin | $908432 | $837353 | $2.4M | $5.6M | $5.1M | $5.1M | $3.7M |
| Operating Expenses | $4.6M | $5.2M | $5.9M | $10.8M | $11.5M | $10.2M | $6.3M |
| Operating Income | -$4.6M | -$5.2M | -$5.9M | -$10.8M | -$11.5M | -$10.2M | -$6.3M |
| EBITDA | -$4.6M | -$5.2M | -$5.8M | -$8.3M | -$11.4M | -$9.3M | -$5.9M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | $384212 |
| Pre-tax Income | -$4.5M | -$5.2M | -$5.8M | -$8.3M | -$11.4M | -$9.3M | -$6.3M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$4.5M | -$5.2M | -$5.8M | -$8.3M | -$11.4M | -$9.3M | -$6.3M |
| EPS | $-0.25 | $-0.31 | $-0.31 | $-0.47 | $-0.64 | $-0.49 | $-0.33 |
| EPS (Diluted) | $-0.25 | $-0.31 | $-0.31 | $-0.47 | $-0.64 | $-0.49 | $-0.33 |
| Shares Outstanding (Diluted) | $18.1M | $18.1M | $18.2M | $18.2M | $18.2M | $18.3M | $19.7M |
Income Statement (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$22289 | -$23406 | -$12996 | -$14035 |
| Operating Income | -$4.6M | -$5.5M | -$3.2M | -$3.2M |
| EBITDA | -$4.0M | -$5.1M | -$3.2M | -$2.7M |
| Net Income | -$4.1M | -$5.1M | -$3.6M | -$2.7M |
| EPS | $-0.22 | $-0.27 | $-0.20 | $-0.13 |
| EPS (Diluted) | $-0.22 | $-0.27 | $-0.20 | $-0.13 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $20.1M | $15.5M | $37.2M | $29.8M | $3.7M | $4.6M | $5.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | $15.1M | $8.1M | $22.6M |
| Receivables | 0 | 0 | $1.4M | $1.6M | $2.0M | $1.4M | $1.3M |
| Inventory | -$163491 | $27671 | $76256 | $144689 | 0 | 0 | 0 |
| Total Current Assets | $20.6M | $16.5M | $38.8M | $31.7M | $21.3M | $14.5M | $30.0M |
| Property, Plant & Equipment | 0 | $18971 | $23090 | $111639 | $57033 | $42922 | $22465 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | $88 | $53144 | $87800 | 0 |
| Total Assets | $21.3M | $17.5M | $40.0M | $33.4M | $22.3M | $14.8M | $31.9M |
| Accounts Payable | $572440 | $555015 | $189866 | $1.2M | $294975 | $317830 | $1.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.5M | $2.3M | $1.1M | $2.2M | $1.7M | $2.1M | $2.1M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $7.6M |
| Total Liabilities | $2.5M | $2.4M | $1.2M | $2.3M | $1.9M | $2.3M | $10.0M |
| Retained Earnings | -$15.9M | -$21.5M | -$27.0M | -$35.5M | -$47.1M | -$56.1M | -$62.6M |
| Total Equity | $18.9M | $15.2M | $38.9M | $31.1M | $20.4M | $12.5M | $21.8M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | $14600 | $7.6M |
| Net Debt | -$20.1M | -$15.5M | -$37.2M | -$29.8M | -$18.8M | -$12.6M | -$20.5M |
| Working Capital | $18.1M | $14.2M | $37.6M | $29.5M | $19.5M | $12.4M | $27.9M |
Balance Sheet (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Cash & Equivalents | $6.2M | $4.6M | $5.2M | $5.5M |
| Total Assets | $19.0M | $14.8M | $21.6M | $31.9M |
| Total Liabilities | $2.2M | $2.3M | $9.4M | $10.0M |
| Total Equity | $16.8M | $12.5M | $12.1M | $21.8M |
| Total Debt | $21004 | $14600 | $7.6M | $7.6M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$4.6M | -$5.6M | -$5.5M | -$8.5M | -$11.6M | -$8.9M | -$6.5M |
| Depreciation & Amortization | 0 | $1900 | $4889 | $6140 | $42453 | $44523 | $28082 |
| Stock-based Compensation | $749512 | $460194 | $497104 | $722735 | $739884 | $847255 | $1.0M |
| Change in Working Capital | $1.4M | -$920717 | -$1.9M | $240297 | -$417597 | $1.7M | -$1.6M |
| Operating Cash Flow | -$2.5M | -$6.0M | -$7.0M | -$7.4M | -$11.2M | -$6.2M | -$6.9M |
| Capital Expenditure | 0 | -$20871 | -$9009 | -$27070 | -$13791 | -$4468 | -$7625 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.5M | -$6.1M | -$7.0M | -$7.4M | -$11.2M | -$6.2M | -$6.9M |
Cash Flow (Quarterly)
| Year | 2024-Q2 | 2024-Q4 | 2025-Q2 | 2025-Q4 |
|---|
| Operating Cash Flow | -$2058 | -$6.2M | -$6.0M | -$1.7M |
| Capital Expenditure | -$2017 | -$4466 | -$8332 | -$477 |
| Free Cash Flow | -$2060 | -$6.2M | -$6.0M | -$1.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $233 | $847022 | $424 | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -14.8% | -10.8% | -43.6% | -38.2% | +18.6% | +32.6% |
| EPS Growth (YoY) | | -24.0% | +0.0% | -51.6% | -36.2% | +23.4% | +32.7% |
| Shares Change (YoY) | | +0.0% | +0.5% | +0.0% | +0.0% | +0.3% | +7.9% |
| FCF Growth (YoY) | | -143.6% | -14.9% | -6.9% | -50.7% | +44.3% | -10.1% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.14 | $-0.33 | $-0.38 | $-0.41 | $-0.62 | $-0.34 | $-0.35 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $18.1M | $18.1M | $18.2M | $18.2M | $18.2M | $18.3M | $19.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -36.82% |
| Return on Invested Capital | -21.33% |
| Return on Assets | -19.60% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.35 |
| Current Ratio | 14.16 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -39.23 | -29.03 | -31.09 | -10.93 | -7.00 | -8.57 | -3.84 |
| P/B | 9.43 | 10.76 | 4.52 | 3.00 | 3.99 | 6.14 | 1.14 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |